Wasps director of rugby Dai Young has insisted that an urgent rethink on the salary cap system is needed if English clubs are to compete in Europe.

The Aviva Premiership side were knocked out of the European Champions Cup by a star-studded Toulon side at the Stade Mayol on Sunday, and Young believes that the time has come to overhaul the spending restrictions imposed on English teams.

"The salary cap has produced what it was there to produce. But there probably needs to be a little bit of a rethink in terms of how important Europe is to English teams," Young told reporters.

"But I suppose there probably needs to be a bit of a rethink in terms of how that leaves English teams when it comes to playing in Europe against French teams that pretty much have unlimited budgets.

"All the clubs have been sustainable for a long period, the threat of teams financially going to the wall isn't really there. It's the most competitive league in Europe by any stats you'll see, there are more one-score games in the Premiership than any other league and there have been two or three different winners the last couple of seasons."

Wasps, who currently sit sixth in the Premiership, won the Heineken Cup - the precursor to the European Champions Cup - in 2004 and 2007.